A bank lent P350,000 to a customer on December 1, 2019 that required the customer to pay an annual percentage rate of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31, 2020. 14. Prepare the initiał entries to record the given loan. 15. What date should be used to record the December adjusting entry? 16. What are the accounts involved in the adjusting entries? 17. Prepare the adjusting entries.

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Hi there, I'm not sure how to write this journal entry

Cullumber Company borrowed $313,000 on January 1, 2022, by issuing a $313,000, 10% mortgage note payable. The terms call for annual installment payments of $54,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit ILOR Cred

Oliver Industries borrowed $100,000 from the bank signing a 6%, one year note on June 1, 2022. Principal and interest are payable to the bank on June 1, 2023. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on June 30, 2022 would be: debit Interest Expense $1.500: credit interest Payable, $1.500. debit Interest Expense $500: credit Interest Payable, $500. debit Interest Payable, $6,000; credit Cash, $6,000. No adjusting entry is needed until the load is paid off

1. Interest has not yet been recorded on the notes payable which was taken out on March 1, 2020 with a 4% annual interest rate. The note has a three-year term and principal and interest are due on the maturity date.   What is the interest? (Principle x rate x time)

Required information [The following information applies to the questions displayed below.] On August 1, 2019, Colombo Co.'s treasurer signed a note promising to pay $121,200 on December 31, 2019. The proceeds of the note were $115,800. Required: a. Calculate the discount rate used by the lender. (Enter your answer as a percentage rounded to 1 decimal place (l.e., 32.1).) Discount rate %

Philip Company has a P200,000, 9%, 120-day note receivable outstanding on December 31. The note is dated November 1, 2021. What is the adjusting entry on December 31, 2021?

The information in the following table relates to the accounts receivable and allowance for doubtful debts of Prime Moving Ltd. The company’s accounting period ends on 30 June each year. The company policy is to provide an allowance for doubtful debts at the rate of 3% of accounts receivable at 30 June each year. The balance of the Allowance for Doubtful Debts account on 1 July 2019 was $10 000. The following information is given for the year ending 30 June 2020 and 30 June 2021, to determine the bad debts expense for each year and the balance of allowance for doubtful debts at the end of each year.     2020 2021 Accounts receivable (ending balance at 30 June) $400,000 $450,000 Bad debts written off during the year 6,000 0 Allowance for doubtful debts at 1 July (Beginning of the period) (a) (d) Bad debts expense for the year (b) (e) Allowance for doubtful debts at 30 June (Ending balance) (c) (f)   Required: Determine the missing…

7) On December 1, 2022, Olympia Hot Yoga issued a note payable to Columbia Bank for $45,000 with an annual interest rate of 6% and a term of six months (due May 31, 2023).    What is the amount of interest expense recognized by Olympia Hot Yoga in 2022?           What is the amount of interest expense recognized by Olympia Hot Yoga in 2023?           What is the total amount Olympia Hot Yoga will pay to Columbia Bank on the maturity date?